Bad Credit No Guarantor Loans Explained
Is it hard to find a bad credit no guarantor loan?
If that question was asked of me back in the day, I would probably have answered with a confident ‘yes – it is hard to find a bad credit no guarantor loan’, as the only places people thought about loaning money from were banks. With bad credit and no guarantor there was very little chance of getting your application accepted.
Now there are a whole host of quick loans for bad credit with no guarantor so if your looking for fast loans today you might well like to read the info provided, even if you only want a £50 instant loan!
Thankfully, since the advent of the internet, everything has gotten a little easier and finding a bad credit no guarantor loan is no exception to that rule, if you want to borrow money with bad credit, it is definitely possible in some cases.
Today, the internet is awash with companies offering these loans and this both a good thing, and a bad; payday loans for bad credit, otherwise referred to as quick loans for bad credit are on the rise.
The positive side is that more lenders means more competition and that can help to drive down the interest rates and fees.
The negative side of the explosion in the number of lenders means that there are a lot of UK short term loans that you need to sift through in order to find the information and deal that is best for you, there are many UK quick loans to check out, especially short term loans with bad credit from direct lenders who will probably offer bad credit, no guarantor loans.
To make your decisions easier there are some points that you might want to consider when comparing lenders and their offers.
The first one is of course cost. How much interest will you be expected to pay? Are there hidden fees or penalties for late payments? How much is the fee? These are all good questions that you should clear answers to before you make a decision, it’s worth researching before taking a quick loan online.
You should also check out the forums as many are in the same situation and talk about bad credit no guarantor loans to see which companies have the best customer feedback and reputation.
What will a bad credit no guarantor loan cost me?
The answer to this all depends on a range of factors and will vary from lender to lender. The amount you want to borrow will also affect the cost, the best thing to do is check several brokers for UK online loans and carefully read the fine print, the interest rates can be considerable, even for small £100 instant loans.
The good thing is that lenders will make you aware of the fees, payday loans in the UK are extremely transparent and have to be because of the rules, interest rates and any other costs so you can compare and make an educated decision.
Repaying your loan
Before you accept a short term loan, it is very important that you understand the terms of repayment, even if it’s just a £100 loan, you can get into serious financial difficulty given the interest rates involved so pay attention carefully.
For example, you should know what the penalties are if you miss a payment and whether or not that loan is supposed to be settled in one sum or in instalments, there are many different rules for UK same day loans.
Once you have this information it would be a good idea to work out your current expenses and outgoings and then factor that in with the cost of the required loan payments and be honest with yourself about whether you can afford them or not.
Choosing a lender
With so payday loans online as well as lenders there it can be difficult to know which ones are the best to deal with, even if you’re just after a £50 payday loan you should choose a lender carefully. Luckily the internet is a hive of information and a visit to a company’s website and a few bad credit loan forums will give you a better overview, it’s definitely risky to take quick loans without researching the lender carefully.
Things you should definitely try to find out are the lender’s overall reputation, in particular how good their customer service is. Being able to get touch with your lender when you need to is very important.
Let’s say for example, that something out of your control is stopping you from making a particular payment. A phone call might be able to buy you an extra day or two before you are penalised.
Speaking of penalties, having a good understanding of a particular lenders policies regarding this should be high on your list when making your decision with regards to bad credit payday loans. For instance, will you be allowed any missed payments without being charged or will it happen every time? Is the penalty a higher interest rate or an extra one off fee / fine? Always check the rules because UK payday loans from direct lenders vary considerably
These points, and other factors should play a big part in your choice of lender.
To simplify things, you could always hand over the searching and researching to professionals like a broker.
Bad credit brokers are companies who will take your details and then contact a large number of the best suited lenders for you, payday loans for very bad credit are normal and there are lenders who take these types of application seriously, even if you just want a £50 loan today! They will then get back to you will a selection of loans for you to choose from.
Obviously this is massively time saving and will improve your chances of getting the best possible deal even if you are in a hurry to secure a short term loan.
[faq title=”Loans For Bad Credit No Guarantor FAQ”]
[faq-item title=”Can I get a loan with bad credit and no guarantor?”]Yes, you can get a loan with bad credit and no guarantor by applying with many of the specialist short term loans for bad credit providers that are setup specifically to ensure that they can look into applications with a less than perfect credit history. These types of loans generally carry a higher level of interest due to the risk but in some cases you can still get them.[/faq-item]
[faq-item title=”Do loans for bad credit with no guarantor and no fees from a direct lender exist?”]Yes, you can get loans for bad credit with no guarantor or fees from direct lenders. We regularly submit this type of application to a wide panel of providers who will closely look at this type of application and give it due consideration before making a decision. Because these lenders understand poor history isn’t indicative of your current financial situation, they will look at your application with a different set of criteria from a different perspective to ensure that you are comfortably able to make repayments of the money you borrow without overly stretching yourself financially.[/faq-item]
[faq-item title=”Where to get an instant decision on loans for bad credit with no guarantor and no fees?”]The best place to get instant decisions on loans for bad credit with no guarantor is through payday loans from direct lenders. Because they have no middle man, they can simply make a decision or offer on the spot based on the application that you provide. One quick way to get your information in front of a large number of direct lenders for quick approval is to submit an application with us and we will have your details being looked at by many direct lenders in a matter of minutes who will act almost instantly on your application.[/faq-item]
[faq-item title=”How to get loans with CCJ’s and bad credit from direct lenders with no guarantor?”]You can get bad credit loans with no guarantor from direct lenders with CCJ’s in some situations. The best way of obtaining a bad credit loan in this situation is to ensure that you are completely upfront and honest about your situation in your application as this is a good sign of willingness to accept an issue and resolve it. Lenders won’t automatically avoid a loan application if you meet the basic criteria of working, being over 18, have a UK bank account, and a mobile phone.[/faq-item]